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EUR/GBP muted post-UK data

FXStreet (Edinburgh) - EUR/GBP pretty much ignored the results from the UK labour market today, hovering over the mid-0.7900s.

EUR/GBP looking for catalysts

Flat reaction so far in the cross following the jobs report in the British economy, with the unemployment decreasing by 18.6K vs. a drop of 35K expected. The jobless rate, however, dropped to 6.0% in the three months ended in August vs. 6.1% forecasted and 6.2% previous. Next of relevance for the cross will be the speech by ECB’s Draghi due in the European evening. “Now the pair is heading to the channel top and 138.2% retracement of 0.8014, which would probably see a correction”, noted Dmytro Bondar, Technical Analyst at RBS.

EUR/GBP relevant levels

At the moment the cross is flat at 0.7959 with the next support at 0.7907 (low Oct.14) followed by 0.7871 (10-d MA) and then 0.7867 (Tenkan Sen). On the flip side, a breakout of 0.7968 (high Sep.17) would open the door to 0.7995 (76.4% of 0.8066-0.7767) and finally 0.8010 (high Sep.16).

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